A lot of friends, clients and colleagues have asked in this time of a widespread COVID-19 outbreak, how can we support those in need in our community. We thought we would share a few ideas that we came across: Support local businesses. Local First AZ is an initiative to support local businesses throughout the year.
Estate planning attorneys all across the United States are noticing an increase in inquiries both from existing clients and from new client prospects who are considering either making changes to their current estate planning documents or implementing new wills and revocable trusts amid the apparent threat of the COVID-19 disease. As this crisis rapidly evolves,
Estate tax is no longer a consideration for many of us. Under current law, each individual can transfer over $11 million to his or her heirs estate tax free. Notwithstanding the fact that the current estate tax laws are only in effect until 2026, most practitioners expect that the estate tax exemption will exceed $5
The story is familiar, and most always unfortunate. Two friends come up with a can’t-miss business idea. The friends supply equal capital to get the venture up and running, and both individuals commit to managing the business. They agree to split any profits that they make in their venture equally. Three years later, business is
Under Arizona’s anti-deficiency statutes, a borrower of a purchase money loan (i.e. a loan used by a borrower to purchase a residential property) who purchases a single family (or two family) residence of 2.5 acres or less is not personally obligated for the amount of the loan in excess of the value of the real
Effective January 1, 2018, the Tax Cuts and Jobs Act (“TCJA”) made temporary changes to the Estate, Gift and Generation Skipping Transfer Taxes (collectively, “Transfer Taxes”) which could dramatically affect how our clients plan for the future and the outcomes of their estate plans. Exemptions and Planning. Prior to enactment of the TCJA, the first
The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. In our last article, we provided you with an update on the Federal Gift and Estate Tax. While most will not pay a Federal Gift and Estate Tax, nearly everyone pays income tax. To that end, we have prepared a list
The onset of the Information/Digital Age has created new types of planning not anticipated by the typical mold of traditional estate planning. We have: first frequent flyer miles, credit card rewards accounts, e-mail and digital music, health insurance rewards accounts linked to GPS enabled fitness devices (i.e. Fitbit and Garmin), social media accounts (i.e. Facebook,
Trust and estate advisors often receive the desperate call from a family member or close friend of a loved one who has just been diagnosed as terminally ill. The news is often sudden and unforeseen, leaving the family and loved one emotionally unprepared and disoriented. The advisor is informed that estate planning documents were drafted
In June, the United States Supreme Court in United States v. Windsor struck down the 1996 Defense of Marriage Act. In Windsor, the Court decided that same sex married couples would be entitled to all deductions available under the federal estate tax regime. Since same sex marriage is still only permitted in a handful of
A lot of friends, clients and colleagues have asked in this time of a widespread COVID-19 outbreak, how can we support those in need in our community. We thought we would share a few ideas that we came across: Support local businesses. Local First AZ is an initiative to support local businesses throughout the year.
Estate planning attorneys all across the United States are noticing an increase in inquiries both from existing clients and from new client prospects who are considering either making changes to their current estate planning documents or implementing new wills and revocable trusts amid the apparent threat of the COVID-19 disease. As this crisis rapidly evolves,
Estate tax is no longer a consideration for many of us. Under current law, each individual can transfer over $11 million to his or her heirs estate tax free. Notwithstanding the fact that the current estate tax laws are only in effect until 2026, most practitioners expect that the estate tax exemption will exceed $5
The story is familiar, and most always unfortunate. Two friends come up with a can’t-miss business idea. The friends supply equal capital to get the venture up and running, and both individuals commit to managing the business. They agree to split any profits that they make in their venture equally. Three years later, business is
Under Arizona’s anti-deficiency statutes, a borrower of a purchase money loan (i.e. a loan used by a borrower to purchase a residential property) who purchases a single family (or two family) residence of 2.5 acres or less is not personally obligated for the amount of the loan in excess of the value of the real
Effective January 1, 2018, the Tax Cuts and Jobs Act (“TCJA”) made temporary changes to the Estate, Gift and Generation Skipping Transfer Taxes (collectively, “Transfer Taxes”) which could dramatically affect how our clients plan for the future and the outcomes of their estate plans. Exemptions and Planning. Prior to enactment of the TCJA, the first
The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. In our last article, we provided you with an update on the Federal Gift and Estate Tax. While most will not pay a Federal Gift and Estate Tax, nearly everyone pays income tax. To that end, we have prepared a list
The onset of the Information/Digital Age has created new types of planning not anticipated by the typical mold of traditional estate planning. We have: first frequent flyer miles, credit card rewards accounts, e-mail and digital music, health insurance rewards accounts linked to GPS enabled fitness devices (i.e. Fitbit and Garmin), social media accounts (i.e. Facebook,
Trust and estate advisors often receive the desperate call from a family member or close friend of a loved one who has just been diagnosed as terminally ill. The news is often sudden and unforeseen, leaving the family and loved one emotionally unprepared and disoriented. The advisor is informed that estate planning documents were drafted
In June, the United States Supreme Court in United States v. Windsor struck down the 1996 Defense of Marriage Act. In Windsor, the Court decided that same sex married couples would be entitled to all deductions available under the federal estate tax regime. Since same sex marriage is still only permitted in a handful of
